Allied Affiliated Funding Provides $2,500,000 in Invoice Factoring to Texas Logistics Company – January 7, 2019
Date Funded: 12/17/18
Facility Amount: $2,500,000
The Company: This Texas-based logistics company provides professional loading services to a number of Fortune 500 companies throughout the United States. They handle a vast array of materials ranging from tires to retail goods.
The Issue: This company had been financed through a traditional bank line of credit since 2009. The company experienced losses in 2017 as they had underpriced locations and contracts, which ultimately resulted in past due taxes, a tax lien and the Company having to shop for a new Bank.
The Solution: The Company needed a new line of credit, however the majority owner’s credit was a challenge in securing long term, traditional lines of credit at a bank. Consequently, Allied was recommended as an interim bridge financing option. Moving forward with an Allied accounts receivables financing facility, the company got the necessary funding to refinance their bank line of credit, pay off their past due taxes, and still have sufficient working capital for growth.
The Win: This Funding By Allied helped refinance the company’s current bank line of credit, payoff the IRS tax liens, catch up on their state taxes and provide additional working capital for their continued growth.